Nigerian business mogul Ernest Azudialu-Obiejesi orders $76-million luxury jet

Nigerian energy mogul Ernest Azudialu-Obiejesi is poised to solidify his status as a prominent player in the international business arena with the imminent acquisition of a $76-million Gulfstream G-700 jet from the manufacturer in Georgia, United States.

As he prepares to finalize this high-profile transaction, Azudialu-Obiejesi, the CEO and founder of Nestoil Group, a leading oil conglomerate and Engineering, Procurement, Construction, and Commissioning (EPCC) enterprise in Nigeria’s oil and gas sector, is set to enhance his global presence.

Azudialu-Obiejesi’s decision to procure the G-700 aircraft underscores his commitment to building a world-class energy conglomerate.

The move follows a strategic move made by Nestoil in November 2022, when one of its subsidiaries signed a letter of intent to purchase the G-700 aircraft.

This development is part of a broader effort by Azudialu-Obiejesi and Nestoil to expand their engagement with American businesses.

The businessman is actively pursuing partnerships and collaborations in Georgia, Texas, Louisiana, California, and other states across the United States.

These initiatives aim to foster mutually beneficial relationships between Nestoil and U.S. enterprises, solidifying the company’s international presence.

Upon the successful completion of the advanced-stage deal, Azudialu-Obiejesi and Nestoil will join an exclusive group of global elites as one of the first buyers of the luxury Gulfstream G-700 jet.

This acquisition represents a significant step towards operational efficiency for Nestoil, as the company presently relies heavily on an older Gulfstream jet. Alongside the purchase price of the new aircraft, the company has expended a substantial $31 million on parts, maintenance, and management for its existing jet.

Azudialu-Obiejesi‘s influence extends far beyond Nigeria’s energy sector. As the chairman and CEO of Nestoil, he plays a pivotal role in a diverse range of endeavors, contributing to the growth and diversification of Nigeria’s business landscape.

Azudialu-Obiejesi has earned a reputation for his extravagant tastes, particularly his passion for aircraft and his penchant for acquiring private jets and high-end automobiles. This latest acquisition reflects his unwavering commitment to excellence and innovation.

Notably, during the inauguration of the Anambra State Airport in 2021, Azudialu-Obiejesi’s private jet was the third aircraft to land at the facility, further exemplifying his prominent position in Nigeria’s business and aviation circles.

Yusuf Abdulfatai
Yusuf Abdulfatai
Yusuf Abdulfatai Adekunle is a finance and economics reporter at Billioniares.Africa. He is also a lecturer at Kwara State Polytechnic University. Previously, he worked as an economic analyst for Bulwark Intelligence. Abdulfatai is a trained economist with an expert knowledge of business and economics. He has a master's degree in economics and holds a Chartered Management Accountant certification from the Institute of Chartered Management Accounting.

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